Cost Control and Purchasing Assignment Details – Week 5 Group Project 1 help

Week 5 Group Project 1

Deliverable Length: Individual portion: 1–2 pages; Group portion: 4 pages

Course Objectives:

• Discuss the need for good inventory control; and the methods for determining inventory levels
• Explain why it is important to maintain accurate records in regard to income, expenses, profit, budgeting, and forecasting

Library Research Assignment

You are a consultant for a highly successful consulting firm. Your firm has been hired by an independent food service operator. You and your team have been put in charge of the project. The food service operator has just purchased a restaurant that had no inventory control and that did not keep accurate records for anything. The new owner is certain that the establishment can be profitable because of its location and market segment. The previous owners closed the establishment because of a lack of capital. Upon investigation, you learn that the restaurant was always busy and was very popular, but it was not managed well.

Group Project Forum

This Discussion Forum is an area for general discussion, collaboration and the completion of your group project, both individual and group components. In addition to general discussion of the group, there are requirements as outlined below to demonstrate group participation of each member.

Your participation in this forum is directly related to the grade you receive in the group project.

Group Member Posting – must be posted in the forum 4 days prior to the assignment due date. Students are required to post to the forum their individual portion of the group project. This individual portion will demonstrate the student involvement and will be incorporated into the student’s grade.

Individual Portion

Each team member will jointly compile an individual report (1–2 pages) that includes the following recommendations:

Note: Each group member selects one different topic

• What type of inventory controls are you going to suggest, and why will they be successful?
• You will need to include who will be responsible for implementing and monitoring them.
• You will also need to include why it is important to take accurate inventories and how that affects the overall success of the restaurant.